Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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VENUS WINE & SPIRIT MERCHANTS PLC
COMPANY INFORMATION
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VENUS WINE & SPIRIT MERCHANTS PLC
CONTENTS
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VENUS WINE & SPIRIT MERCHANTS PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Venus Wine & Spirit Merchants Plc is an independent supplier of drinks. Operating solely in the UK, the company supplies both alcoholic and non-alcoholic beverages to a wide variety of customers including public houses, bars, hotels and restaurants. The company offers both wholesale and retail services.
The results of the company for the year are set out on page 14. The key financial performance indicators "KPI" during the year were as follows as they communicate the financial performance and strength of the company as a whole. Given the straightforward nature of the business , the directors are of the opinion that analysis using KPIs, other than those disclosed in the financial statements, is not necessary for an understanding of the development, performance or position of the business.
The Company's turnover, in the year to 30 September 2023 was £111.394M (2022: £99.088M), an increase of 12.4% compared to last year for the same period. Gross Profit also increased to £17.629M (2022: £14.732M) representing an improvement of 19.7%.
These results represent a strong performance given the challenges that the hospitality sector faced during the period, namely multiple train strikes and the impact on consumer spending due to higher-than-normal cost inflation. Despite these challenges, the business was able to expand by increasing market share through the addition of new customers. Future developments FY 2024 will continue to face the challenge associated with the cost inflationary impact on consumer spending. However, margins and liquidity levels remain healthy, and the company continues to seek ways to mitigate the impact of cost inflation on the business. The company also continues to hold its own fleet to deliver directly to customers and in 2024 the fleet will grow further, to increase capacity and add new delivery routes. Adding to this, the company will continue to improve its product mix, and will be expanding the sales team to further develop new geographical areas of business, most notably in the Southwest following the opening of a new Bristol depot in October 2023. Employee involvement The company operates a framework for employee information and consultation which complies with the requirements of the Information and Consultation of Employees Regulations 2004. Consultation with employees has continued at all levels with the aim of ensuring that views are taken into account when decisions are made that are likely to affect their interests. All employees are kept informed of the company's performance and activities by regular briefings. Recruitment and training development policies give equal opportunity to all employees regardless of age, sexual orientation, colour, race, marital or civil partnership status, religion or beliefs or ethnic origin. Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned.Training programmes are held for all levels of staff. These are aimed at increasing skills and contribution with particular emphasis placed on product knowledge and customer service skills.
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VENUS WINE & SPIRIT MERCHANTS PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The management of the business and the execution of the company's strategy are subject to a number of risks. The Board has ultimate responsibility for ensuring that the company's principal risks are identified and managed. The pricipal risks, to which the company has exposure, are as follows:
Competition The company's main competitors are the following: - Regional / Independent wholesalers, who offer similar products and services - National wholesalers, offering similar products but with larger UK presence - Global Breweries, with wholesale divisions - Cash & Carry as well as specialist retailers The potential impact is a loss of market share, lower revenues, and profit as competition has increased in the UK as many of our competitors are trying to take more market share. We are delivering a differentiated customer experience to retain existing customers and attract new customers, and simplifying our business and processes to reduce our cost base. This is an essential enabler to deliver a differentiated customer experience. We are also keeping a close eye on and responding to technology developments and competitor activity that could have an impact on us achieving our goals. Interest rate risk The company's current borrowings include an invoice finance facility which attracts interest at a rate related either to the Barclays Bank base rate or SONIA. The company has, historically, taken the decision to accept the risk of increased interest charges resulting from increased interest rates and does not intend to change this policy in the immediate future given the finance facility is not being used. Liquidity risk Whilst ensuring sufficient liquid resources to meet its business operating needs, the Company manages its cash flow and borrowing requirements in the best way possible so as to maximise interest income and minimise interest expenditure. Prudent liquidity risk management includes maintaining sufficient cash to ensure the availability of an adequate amount of funding to meet the company's obligations. Foreign currency risk The company’s principal foreign currency exposures arise from having to purchase from overseas companies. The board permits but does not require hedging transactions to be undertaken. Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other party by failing to discharge an obligation. The main exposure to credit risk in the company is represented by trade debtors. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision for doubtful debts is made when necessary. Price risk Expenditure made by the company is authorised by management prior to it being made so to ensure the best prices being paid for the required goods and services.
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VENUS WINE & SPIRIT MERCHANTS PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Human resources risk
This is the risk of having insufficient appropriately qualified staff to manage the business soundly. Recruitment is carried out through reputable agencies. Staff turnover is monitored and succession plans are in place for all critical positions. Staff appraisals identify training and development needs and plans are put in place to meet them. Legal and regulatory risk This is the risk of financial loss or reputational damage arising from the failure to comply with applicable laws or regulations. Sales of alcohol is strictly controlled in all our markets through licensing and regulations. The Company acknowledges that it operates in an environment that has both a developing and increasing regulatory agenda, in the areas of health and safety, environmental obligations and employee welfare. The company promotes best practices within its business and uses third party legal advice where necessary. Regulatory development are routinely monitored to ensure that potential changes are identified, assessed and appropriate action is taken.
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VENUS WINE & SPIRIT MERCHANTS PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Under section 172(1) of the Companies Act 2006, the Board has a duty to act in good faith and in a way that would be most likely to promote the success of the Company for the benefit of its shareholders whilst having regard to matters set out in S172(1) (a-f) of the Act:
(a) the likely long-term consequences of decisions; (b) the interest of the Company’s employees; (c) the need to foster the Company’s business relationships with suppliers, customers and others; (d) the impact of the Company’s operations on the community and the environment; (e) the desirability of the Company maintaining a reputation for high standards of business and conduct; and (f) the need to act fairly as between the Company’s owners. To discharge their section 172(1) duties the Board had regard to the factors set out above in making the principal decisions taken by the Company. General confirmation of Directors’ duties When making decisions, each Director ensures that he/she acts in the way he/she considers, in good faith, would most likely promote the Company’s success for the benefit of its members as a whole, and in doing so have regard (among other matters) to: S172(1) (A) “The likely consequences of any decision in the long-term” The Directors understand the evolving environment in which the business operates. The Directors have taken several decisions which they believe best support the Company ambitions to grow in the future and in order to ensure the best outcome for all stakeholders. S172(1) (B) “The interests of the company’s employees” The Directors recognise that the employees are fundamental and core to the business and to the delivery of the strategic ambitions. The success of the business depends on attracting, retaining and motivating employees. From ensuring that we remain a responsible employer, from pay and benefits to our health, safety and workplace environment, the Directors factor the implications of decisions on employees and the wider workforce, where relevant and feasible. S172(1) (C) “The need to foster the company’s business relationships with suppliers, customers and others” Fostering positive business relationships with key stakeholders, such as customers and suppliers, is important to the success of the Company’s business. With regards to Suppliers, the Company enjoys close relationships with its suppliers which range from large multinational breweries and wineries to local independent suppliers. Knowledge of their category, products and strategy is key for the success of both parties. With regards to Customers, the Company has a diverse range of Customers across all sectors of the hospitality industry and the ongoing success of the Company’s customers is fundamentally linked to our own success.
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VENUS WINE & SPIRIT MERCHANTS PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
S172(1) (D) “The impact of the company’s operations on the community and the environment”
The Board recognise that the environmental impact of the Company’s operations is an ever more important consideration and as such, they promote green behaviours including implementing policies to help reduce the Company’s carbon footprint. In addition, a green approach is adopted in the warehouses and offices by promoting recycling and reducing the use of plastic. The Company believes this also adds to our positive presence in local communities as an employer. We are working on improving our distribution system to identify where efficiencies can be achieved at every stage of the products journey to the customers. All new vehicles purchased must meet the EURO 6 standard. We have a rolling programme to replace our existing fleet with more efficient and lower polluting vehicle. We are also considering trialling Electric vehicles for deliveries where appropriate. S172(1) (E) “The desirability of the company maintaining a reputation for high standards of business conduct” The Directors consider it crucial that the Company maintains a reputation for high standards of business conduct. The Board is responsible for setting, monitoring and upholding the culture, values, standards, ethics, brand and reputation of the Company. Management drives the embedding of the desired culture throughout the organisation and its values of Service, Honesty, Innovation, Relationships and Efficiency are driven throughout the heart of the business in everything we do, reflected in our policies and practices and how we deal with others. These values and standards guide decision making and promote success, including the consequences of those decisions in the long term. S172(1) (F) “The need to act fairly as between members of the company” After weighing up all relevant factors, the Directors consider which course of action best enables delivery of their strategy through the long-term, taking into consideration the impact on stakeholders. In doing so, the Directors act fairly as between the Company’s members but are not required to balance the Company’s interest with those of other stakeholders, and this can sometimes mean that certain stakeholder interests may not be fully aligned.
This report was approved by the board and signed on its behalf.
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VENUS WINE & SPIRIT MERCHANTS PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The directors present their report and the financial statements for the year ended 30 September 2023.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £4,303,277 (2022 - £4,206,738).
The dividends paid during the year were £1,000,000 (2022 - £4,515,000).
The directors who served during the year were:
As permitted by Company Law certain information which is required to be disclosed in the Directors Report has been presented in the Strategic Report. Information on the Company’s financial instruments and risk management objectives and policies has been disclosed in the Strategic report.
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VENUS WINE & SPIRIT MERCHANTS PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Fostering positive business relationships with key stakeholders, such as customers and suppliers, is important to the success of the Company’s business. With regards to Suppliers, the Company enjoys close relationships with its suppliers which range from large multinational breweries and wineries to local independent suppliers. Knowledge of their category, products and strategy is key for the success of both parties. With regards to Customers, the Company has a diverse range of Customers across all sectors of the hospitality industry and the ongoing success of the Company’s customers is fundamentally linked to our own success.
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VENUS WINE & SPIRIT MERCHANTS PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
In order to calculate the total emissions, the Company uses the market-based method for calculating scope 1 emissions for gas for boilers and fuel for vehicles and scope 2 for electricity purchased by the Company. The consumption figures were calculated as follows:
The kWh resulting from purchase of electricity and the combustion of gas: Taken directly from third party supplier invoices and then converted to tonnes of CO2 emissions from 28 June 2023 conversion factors published by The Department for Business, Energy and Industrial Strategy. Fuel for Purposes of Transport: Total litres of petrol or diesel fuel was computed from suppliers weekly statements and then converted again to tonnes of CO2 emissions from 28 June 2023 conversion factors published by The Department for Business, Energy and Industrial Strategy. The Company is committed to reducing the energy consumption and the carbon footprint of its operations. This requires significant investment in new technologies, and behaviour change. We recognise that significant emissions are produced by our operations and distribution trucks and we have been refining our transport planning to increase the efficiency of deliveries. On top of this, we have been replacing our fleet of vehicles with more efficient and less polluting trucks and vans. We have been investing in energy efficiency measures and this has started to deliver savings. Major project include an LED upgrade programme in the warehouses, offices and shops operated by the Company. Diesel usage per Sales Volume Sold Sales volumes in million litres for FY 2023 16.3m (2022: 15.7m) Litres sold 16,347,366 Diesel consumed 118,092 Litres (2022: 102,598 Litres) Litres of product sold per litre of diesel used 138.43 (2022: 153.36)
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VENUS WINE & SPIRIT MERCHANTS PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The reduction is due to a change in product mix.
The auditors, GOODMAN LAWRENCE & CO, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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VENUS WINE & SPIRIT MERCHANTS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENUS WINE & SPIRIT MERCHANTS PLC
We have audited the financial statements of VENUS WINE & SPIRIT MERCHANTS PLC (the 'Company') for the year ended 30 September 2023, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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VENUS WINE & SPIRIT MERCHANTS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENUS WINE & SPIRIT MERCHANTS PLC (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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VENUS WINE & SPIRIT MERCHANTS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENUS WINE & SPIRIT MERCHANTS PLC (CONTINUED)
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VENUS WINE & SPIRIT MERCHANTS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENUS WINE & SPIRIT MERCHANTS PLC (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management, and via inspection of the company’s regulatory and legal correspondence. We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations to our team and remained alert to any indicators of non compliance throughout the audit, we also specifically considered where and how fraud may occur within the company. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly the company is subject to many other laws and regulations where the consequences of non compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; trade legislation particularly in selection to the sale of alcoholic beverages; legislation relevant to the commercial property rental environment; data protection legislation; anti-bribery and corruption legislation. International Standards on Auditing (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements. In relation to fraud, we performed the following specific procedures in addition to those already noted:
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VENUS WINE & SPIRIT MERCHANTS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENUS WINE & SPIRIT MERCHANTS PLC (CONTINUED)
• Challenging assumptions made by management in its significant accounting estimates in particular the revaluation of investment property, the depreciation policy adopted with regards to fixed assets, the amortisation of Intangible assets, the deferred tax provision, the recoverability of trade debtors and stock provision; • Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management and; • Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud; • Ensuring that testing undertaken on both the performance statement, and the Balance Sheet includes a number of items selected on a random basis. These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards (UK). For example, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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VENUS WINE & SPIRIT MERCHANTS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENUS WINE & SPIRIT MERCHANTS PLC (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
CHARTERED CERTIFIED ACCOUNTANTS
& STATUTORY AUDITORS
56A HAVERSTOCK HILL
NW3 2BH
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VENUS WINE & SPIRIT MERCHANTS PLC
STATEMENT OF INCOME AND RETAINED EARNINGS (INCLUDING PROFIT AND LOSS ACCOUNT)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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VENUS WINE & SPIRIT MERCHANTS PLC
REGISTERED NUMBER: 05689256
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
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VENUS WINE & SPIRIT MERCHANTS PLC
REGISTERED NUMBER: 05689256
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 37 form part of these financial statements.
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VENUS WINE & SPIRIT MERCHANTS PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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VENUS WINE & SPIRIT MERCHANTS PLC
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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VENUS WINE & SPIRIT MERCHANTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The company is an unquoted public company, incorporated in England and Wales. The registered address is at: Venus House, Unit 3, 62 Garman Road, London N17 0UT.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company is exempt from the requirement to prepare consolidated financial statements under section 402 of the Companies Act 2006, as all of its subsidiary are excluded from the consolidation as permitted by section 405 as they are deemed to be immaterial both individually and in aggregate.
The financial statements have been prepared on a going concern basis. The directors in making their assessment have considered a period of at least 12 months from the date of the signing of the balance sheet. The directors are not aware of any material uncertainties that draw into question the going concern status of the Company.
Functional and presentation currency
Transactions and balances
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VENUS WINE & SPIRIT MERCHANTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
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VENUS WINE & SPIRIT MERCHANTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
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VENUS WINE & SPIRIT MERCHANTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
Goodwill
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
All the Goodwill from businesses acquired Pre 2015 have been fully amortised.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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VENUS WINE & SPIRIT MERCHANTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
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VENUS WINE & SPIRIT MERCHANTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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VENUS WINE & SPIRIT MERCHANTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Impairments of trade debtors: A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all outstanding amounts in full, or there are indications that collection is doubtful which requires judgement from management (see note 17). Useful life of goodwill: The company establishes a reliable estimate of the useful life of goodwill, and from time to time management will review this estimate to ensure its relevance (see note 12).
Analysis of turnover by country of destination:
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VENUS WINE & SPIRIT MERCHANTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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VENUS WINE & SPIRIT MERCHANTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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VENUS WINE & SPIRIT MERCHANTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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VENUS WINE & SPIRIT MERCHANTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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VENUS WINE & SPIRIT MERCHANTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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VENUS WINE & SPIRIT MERCHANTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The 2023 valuations were made by the directors, on an open market value.
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VENUS WINE & SPIRIT MERCHANTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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VENUS WINE & SPIRIT MERCHANTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The company has a guarantee in favour of HM Revenue and Customs of £600,000 (2022 - £600,000).
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contribution payable by the company to the fund and amounted to £77,353 (2022 - £73,030).
Contributions totalling £15,141 (2022 - £16,352) were payable to the fund at the balance sheet date and are included in creditors.
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VENUS WINE & SPIRIT MERCHANTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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